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Godrej Properties Buys 18.6 Acres Land In Mumbai To Develop Premium Housing Project

'The project would have a developable potential of about 3.72 million square feet with an estimated sales revenue potential of around Rs 7,000 crore'

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Godrej Properties Ltd, a part of business conglomerate Godrej Group, has purchased 18.6-acre land at Kandivali in Mumbai to develop a premium housing project. The project would have a developable potential of about 3.72 million square feet with an estimated sales revenue potential of around Rs 7,000 crore, the company said on Friday.   

This project will be one of the company's largest residential developments, and will comprise primarily premium residential apartments with supporting retail spaces. This is the 8th project addition so far, this financial year and takes the cumulative expected booking value from projects added in FY23 to approximately Rs 16,500 crore, the company said in a regulatory filing.

Mohit Malhotra, MD & CEO, Godrej Properties, said the company has added a large and strategically important project in Mumbai. "This project will allow us to significantly increase our market share in Mumbai over the next several years and fits within our strategy of deepening our presence across key real estate micro markets," he added. 

Godrej Properties had given a full year guidance of adding projects with a booking value potential of Rs 15,000 crore, the company said. 

Meanwhile, the company has set a target of Rs 10,000 crore sales bookings for 2022-23 as against Rs 7,861 crore registered during the last fiscal. It has already clocked a 60 per cent growth in sales bookings during the first half of this fiscal at Rs 4,929 crore as against Rs 3,072 crore in the year-ago period. 

Godrej Properties focuses on four key markets like Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune. However, it also has presence in Chennai, Kolkata, Kochi, Ahmedabad, Chandigarh and Nagpur